North Carolina Down Payment Support Systems

Payments Gateway - These programs will be the Mortgage Credit Certificate along with the deposit Assistance Program.

You buy a property between December 1, 2009 and January 1, 2009 and should you meet the requirements for one of the programs, you can ALSO be eligible for the $8,000 tax credit merely enacted into law in the Federal Economic Stimulus Plan.

First, who is a First Time Home Buyer? A first-time Home Buyer is someone who has not owned a house in the prior three years. This is precisely the same qualifying definition.

What is a Mortgage Credit Certificate and Who Qualifies?

All home owners can claim an itemized deduction for mortgage interest.

It is possible to claim 20% of the interest you pay as a credit in your federal income taxes should you are eligible for the MCC. You can save as much as .

You'll manage to join this with the $8,000 tax credit should you qualify for 2009, for the MCC. This would reduce a purchaser's tax liability by $10,000.

Who Qualifies for an MCC?

Household income is defined as the “gross income of the mortgagor and any person expected to reside in the residence who's 18 years of age or older.”

House price limits that apply in Durham, Orange and Chatham Counties and the income are given below.

MCC Income Limits 1 Person $61,500 2 Men $61,500 3 Persons $70,500 4 Persons $70,500

MCC Sales Cost Limits New Home $220,000 Existing Residence $210,000

The customer only has to pay and the load would pay around $8,000 of the remaining balance.

This plan has more stringent income limits than the MCC plan outlined above. Like the MCC program, it might be used in conjunction with all the new $8,000 tax credit on home purchases between January 1, 2009 and December 1, 2009. The down payment assistance, however, can not be used in combination with all the MCC. This really is an either or scenario.

The income and house price limitations that apply in Durham Orange and Chatham Counties are given below.

Down Payment Assistance Income Limits

1 Individual $39,950 2 Men $45,650 3 Individuals $51,350 4 Individuals $57,050

Down Payment Assistance Sales Price Limits New Dwelling $210,000 Existing Home $210,000